False: 60 per cent = 0.6
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The simple interest on the amount of $550.00 at 7 percent for one year would be $38.50. To reach the answer, multiply 550 by .07 which equals 38.50.
70% = 0.70
.07 or 7/100
7 percent of 34 = .07 x 34 = 2.38
7% = .07, so 19.99 + .07 = 20.06